Independent Business Reviews (IBR)

Objective assessment of trading performance, forecast reliability and funding requirements.

Overview

We prepare independent business reviews for investors, lenders, and boards who need an objective assessment of trading performance, forecast reliability, and funding requirements. Because we are independent of the transaction, our conclusions carry weight with parties on both sides.

Our Approach

An IBR tests whether the numbers presented can be relied upon. We examine trading performance against plan, the basis and track record of forecasting, the integrity of the cash position, and the funding requirement through the review period. Because we are independent of the transaction, the conclusion carries weight with parties on both sides.

Scope

A review typically addresses:

•Historical trading and quality of earnings
•Forecast methodology and delivery track record
•Short-term liquidity and funding requirement
•Covenant position and headroom
•Key contracts, customers and dependencies
•Management information quality

For Whom

IBRs are commissioned by lenders assessing continued support, investors evaluating an opportunity, and boards seeking an external view before committing to a course of action.

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